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Life insurance is a topic most of us are quite happy to put off thinking about—after all. But tragedies do happen and if you haven’t taken steps to prepare, your death could have an enormous financial impact on the rest of your family.

Life insurance is designed to lessen that financial impact. By paying out a lump sum benefit when you die or are diagnosed with a terminal illness, it can help your family repay debts, pay for funeral costs, manage ongoing expenses and simply maintain a healthy financial position. Rather than worrying about finances, having a life insurance policy in place ensures your family is able to maintain the same quality of life by being able to cover immediate and ongoing expenses.

Traditionally, taking out life insurance was an extensive process that was orchestrated by an insurance adviser. However, in recent years, the option to buy life insurance online direct from an insurance provider has become an increasingly popular choice for Australian consumers. Direct life insurance is quick and easy to apply for, making it an attractive life insurance option for many people.

Why Buy Life Insurance Online?

The rise of online shopping has meant that consumers can now buy just about anything online, including life insurance. In the past, taking out life insurance meant enlisting the help of a financial adviser or insurance consultant, as well as undergoing extensive medical underwriting before you’d get cover. But direct life insurance is designed to change all of that.

One of the benefits of buying life insurance online is the speed with which you can get cover. Direct life insurance is designed to take the time and hassle out of getting a policy, so the application proceeds smoothly. Traditional policies purchased through an adviser required you to provide a wealth of medical information and undergo medical tests. When you take out a life insurance policy online you are only required to provide minimal, sometimes no, medical information.

In addition, the growth of the online insurance market offers means rewards for consumers. An increase in the number of insurance providers has meant competitive policies for consumers. This results in better cover, lower prices and life insurance policies that are easier to understand.

The application process for direct life insurance is simple and most providers will usually grant fast approval. Furthermore, most companies will put a certain level of death cover in place immediately after approving your application, offering added peace of mind and financial security.

Tips to Compare Online Life Insurance Quotes

Choosing a life insurance policy is a very important decision. It could have an enormous impact on your family’s financial future, so it’s essential that you take the time to track down a policy that suits your needs perfectly. In order to find the best policy, you’ll need to compare a range of policies and quotes.

Obtain quotes from a number of insurance providers to get a good idea of how much your premiums will be. While it’s easy to go with the lowest quote, it’s important that you look past the price and also weigh up the pros and cons of each competing policy.

This is where it’s time for a boring but vital task — reading product disclosure statements. Look at the benefits, features, limits and exclusions offered by each competing policy. Ask yourself:

Does one policy let you insure for a higher sum than another?

Does one offer a broader level of cover than the competition?

What about exclusions—are there any exclusions that could come back to bite you one day?

Read all the fine print and consider the excess you will have to pay in the event that you make a claim. Also look for any additional fees you might be slugged with down the line, and whether your policy is flexible enough to allow you to adjust your level of cover in the future.

Research a range of insurance providers to find one that meets your needs. Look for a trusted insurance company that has an established history in the industry. Read online reviews, seek advice from friends and determine the level of customer support offered by each insurer.

Can I buy Life Insurance Entirely Online?

Yes, it’s completely possible to purchase a life insurance policy entirely online. The process is quite simple and usually only takes a minimal amount of time. The first step is to get a quote from your chosen insurer. To do so, you’ll need to provide the following details:

your name and contact details

your gender

your smoking status

your date of birth

your occupation

the type of cover you want and how much cover you want.

Once you’ve supplied this information online or over the phone, your insurance provider will give you a quote on your premiums. If this sounds like the right policy for you, it’s then time to apply for cover. This can again be done online or over the phone, and your insurer will have steps to place to guide you through the process and the information you will have to provide.

The application process is normally very quick. In some cases some medical testing may be required, for example if you have a chequered medical history.

Online Life Insurance Companies on finder.com.au

finder.com.au features two insurance providers which offer life insurance policies online:

NobleOak. NobleOak has a 135-year history in the life insurance industry and offers an extensive suite of products to look after the insurance needs of Australian customers. An Australian company, NobleOak aims to offer a genuine alternative to the world’s major insurance institutions. It offers easy to understand products and has a reputation for reliability. NobleOak’s direct life insurance products include Term Life Insurance, Total and Permanent Disability Cover, Trauma Insurance, Income Protection Insurance, Business Expenses Insurance and cover through your self-managed super fund.

Zurich EziCover. Zurich has more than 90 years of experience in the Australian insurance market, and it is backed by the might of this global financial services company. EziCover is the company’s range of online direct life insurance products. The range includes Life Insurance, Accident Income Cover, Accidental Death Cover and Funeral Advantage Cover.

Is Direct Life Insurance Cheaper?

As direct life insurance products have grown in popularity, their share of the life insurance market has increased. With more and more customers switching to this type of cover, an increasing number of insurance providers have begun targeting this competitive market sector. And if there’s one thing competition does it’s drive down prices.

Traditionally, life insurance purchased with advice was seen to be cheaper than direct life insurance. This was in part because of the extensive underwriting process involved in purchasing cover through an adviser, which means cover can be tailored to an applicant’s specific needs and you don’t need to pay for policy features you’ll never use.

On the other hand, the simple underwriting process of direct life insurance originally resulted in policies that were ‘one size fits all’ in their nature, resulting in customers paying more for a broader range of cover.

However, competition in the direct life insurance sector is now driving prices down. Plan For Life's Direct Insurance Report 2013 — Identifying Real Differentiation revealed that direct insurance products are becoming increasingly like products purchased with advice. The study found that premiums for direct life insurance were, on average, approximately 25% cheaper at the entry age of 30 and 60% cheaper when taken out at the entry age of 45.

With this in mind, direct life insurance looks like an increasingly attractive option to many consumers. If you’d like to buy life insurance online, make sure to compare your options at finder.com.au to find the best policy for your needs.

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

This review covers the NobleOak Premium Life Direct life insurance policy, and includes a summary of the product, its main features, additional cover options, conditions for receiving and not receiving payment, whose eligible and other information that may be of use to the reader.

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